Diminishing Returns to a Fixed Factor
Definition
The economic principle that adding more of a variable input while a complementary factor stays fixed eventually yields smaller and smaller gains; Mokyr applies it by treating fundamental scientific understanding as the fixed factor that must periodically change to avoid stagnation.
Cast within
No topic-region cast yet — this appears once Diminishing Returns to a Fixed Factor's compiled claims are aligned into a topic region's argument tree.
Claims mentioning Diminishing Returns to a Fixed Factor (0)
No claims found for this concept.
My Notes
Loading notes...